Hong Kong Financial Secretary Paul Chan: Hong Kong is expected to become the world's largest cross-border asset management center as the Hong Kong stock market rebounds.
The Financial Secretary of Hong Kong, Paul Chan, stated on his blog yesterday (15th) that despite the continued uncertainty in the external economic environment, the Hong Kong stock market has been continuously warming up since the beginning of this year, with the Hang Seng Index rising by over 3,800 points, an increase of 20%. This performance has outpaced major global stock markets, and the average daily trading volume has also risen year-on-year to HKD 242 billion, indicating a significant improvement in market Liquidity and investment sentiment.
Chen Maobo pointed out that the Hong Kong stock market is showing significant strengthening. As of the end of May, the total amount of funds raised by new stocks approached HKD 79 billion, ranking among the top globally, with the refinancing scale exceeding HKD 150 billion. Many funds from Europe, America, the Middle East, and Asia are accelerating their inflow into the Hong Kong stock market. Various signs indicate that international investors' confidence in the Hong Kong financial system is strengthening. In addition to the impressive performance of the stock market and asset management, Hong Kong has also made substantial progress in digital finance, green finance, and the offshore Renminbi market.
Hong Kong is expected to become the world's largest cross-border asset management center.
According to Chan Mo-po's blog, Hong Kong recorded a net inflow of over 44 billion USD this year, with a year-on-year growth rate of 285%. The number of registered funds increased to 976, and Chan Mo-po anticipates that Hong Kong is expected to become the largest cross-border asset management center in the world within two to three years. Many cornerstone investors in large new stock fundraising come from Europe, America, the Middle East, and other regions in Asia. The trend of increased capital allocation from these regions into Hong Kong stocks is becoming more evident. In addition, bank deposits continue to rise, and interbank borrowing rates remain low. The flow of funds confirms that international investors' confidence in Hong Kong's financial markets is further strengthening.
10 virtual asset exchanges have obtained licenses.
Since the Hong Kong government first issued a digital asset policy declaration at the end of 2022, 10 virtual asset trading platforms have obtained licenses, and another 8 are currently in process. Last year, the total transaction amount related to digital assets by local banks in Hong Kong reached HKD 17.2 billion, and the total amount under custody also reached HKD 5.1 billion.
The Financial Secretary of Hong Kong is preparing to announce the second digital asset policy declaration, proposing a new direction that combines traditional financial services with technological innovation. This includes enhancing the security and flexibility of digital asset applications in the real economy, and encouraging Hong Kong and international enterprises to explore innovative potential.
The stablecoin regulations have been passed, which will attract more national funds to flow into Hong Kong.
The stablecoin regulations in Hong Kong have been legislated and will officially take effect on August 1. The regulations establish a licensing system for the issuance of "fiat-backed stablecoins." It is estimated that the global stablecoin market capitalization is around $240 billion, with a trading volume exceeding $20 trillion last year. Paul Chan stated that as a major global financial center, the development of the stablecoin system in Hong Kong will help enhance payment efficiency and bring more innovation to the market.
Chan Mo-po stated in his blog that stablecoins have advantages such as price stability, decentralization, and programmability, which can promote the automation of financial processes and improve transaction efficiency in the real economy. After the implementation of the new financial regulations, the Hong Kong Monetary Authority will expedite the approval of applications from institutions intending to issue stablecoins in Hong Kong, in order to attract institutions from different countries and regions to conduct business in Hong Kong.
This article discusses Hong Kong's Financial Secretary Paul Chan: The Hong Kong stock market is recovering, and Hong Kong is expected to become the world's largest cross-border asset management center. It first appeared in Chain News ABMedia.
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Hong Kong Financial Secretary Paul Chan: Hong Kong is expected to become the world's largest cross-border asset management center as the Hong Kong stock market rebounds.
The Financial Secretary of Hong Kong, Paul Chan, stated on his blog yesterday (15th) that despite the continued uncertainty in the external economic environment, the Hong Kong stock market has been continuously warming up since the beginning of this year, with the Hang Seng Index rising by over 3,800 points, an increase of 20%. This performance has outpaced major global stock markets, and the average daily trading volume has also risen year-on-year to HKD 242 billion, indicating a significant improvement in market Liquidity and investment sentiment.
Chen Maobo pointed out that the Hong Kong stock market is showing significant strengthening. As of the end of May, the total amount of funds raised by new stocks approached HKD 79 billion, ranking among the top globally, with the refinancing scale exceeding HKD 150 billion. Many funds from Europe, America, the Middle East, and Asia are accelerating their inflow into the Hong Kong stock market. Various signs indicate that international investors' confidence in the Hong Kong financial system is strengthening. In addition to the impressive performance of the stock market and asset management, Hong Kong has also made substantial progress in digital finance, green finance, and the offshore Renminbi market.
Hong Kong is expected to become the world's largest cross-border asset management center.
According to Chan Mo-po's blog, Hong Kong recorded a net inflow of over 44 billion USD this year, with a year-on-year growth rate of 285%. The number of registered funds increased to 976, and Chan Mo-po anticipates that Hong Kong is expected to become the largest cross-border asset management center in the world within two to three years. Many cornerstone investors in large new stock fundraising come from Europe, America, the Middle East, and other regions in Asia. The trend of increased capital allocation from these regions into Hong Kong stocks is becoming more evident. In addition, bank deposits continue to rise, and interbank borrowing rates remain low. The flow of funds confirms that international investors' confidence in Hong Kong's financial markets is further strengthening.
10 virtual asset exchanges have obtained licenses.
Since the Hong Kong government first issued a digital asset policy declaration at the end of 2022, 10 virtual asset trading platforms have obtained licenses, and another 8 are currently in process. Last year, the total transaction amount related to digital assets by local banks in Hong Kong reached HKD 17.2 billion, and the total amount under custody also reached HKD 5.1 billion.
The Financial Secretary of Hong Kong is preparing to announce the second digital asset policy declaration, proposing a new direction that combines traditional financial services with technological innovation. This includes enhancing the security and flexibility of digital asset applications in the real economy, and encouraging Hong Kong and international enterprises to explore innovative potential.
The stablecoin regulations have been passed, which will attract more national funds to flow into Hong Kong.
The stablecoin regulations in Hong Kong have been legislated and will officially take effect on August 1. The regulations establish a licensing system for the issuance of "fiat-backed stablecoins." It is estimated that the global stablecoin market capitalization is around $240 billion, with a trading volume exceeding $20 trillion last year. Paul Chan stated that as a major global financial center, the development of the stablecoin system in Hong Kong will help enhance payment efficiency and bring more innovation to the market.
Chan Mo-po stated in his blog that stablecoins have advantages such as price stability, decentralization, and programmability, which can promote the automation of financial processes and improve transaction efficiency in the real economy. After the implementation of the new financial regulations, the Hong Kong Monetary Authority will expedite the approval of applications from institutions intending to issue stablecoins in Hong Kong, in order to attract institutions from different countries and regions to conduct business in Hong Kong.
This article discusses Hong Kong's Financial Secretary Paul Chan: The Hong Kong stock market is recovering, and Hong Kong is expected to become the world's largest cross-border asset management center. It first appeared in Chain News ABMedia.